This Podcast Is Episode Number 0244, And It Will Be About What To Ask An Accountant When Meeting One For The First Time Today's Guest Article Is From Karen Watson Professional Bookkeeper Currently Works At Balancing Books Bookkeeping ----------------------------------------------------------------------------------------------- "Running a business is a piece of cake” – said no one ever. Achieving success requires you to study a lot of things. Assuming that time and effort is needed is an understatement. Running a business covers a lot of areas such as product, price, promotion, and place. Accounting is another essential part of the business. It’s a system that keeps your finances in top shape. After all, building a business is about earning assets, not increasing liabilities. If the specifics of accounting isn’t your forte, then hiring an accountant is a good option for you. However, deciding to acquire accounting services is not cheap. You need to know if the services offered are worth every penny. If it’s your first time to hire an accountant for your business, you probably have little to no idea of what to expect. As a rule of thumb, once you’ve scheduled a meeting with an accountant, it’s best to prepare several questions for him or her. In this way, you can establish a professional long-term relationship with each other. At the same time, be able to understand each other’s expectations. Here are some questions to help you warm up conversations when meeting an accountant for the first time: 1. “What’s the best way to contact you and how often should we meet?” Some business owners are hesitant to hire an accountant because some of them seem to disappear after a few months of getting paid. To prevent this from happening, here are tips: Discuss methods of communication and work schedule with your accountant. Take time to schedule appointments, through Skype or other channels, so both of you can clear out your schedules. Use your initial meeting to decide if you’re going to meet weekly, monthly or bimonthly. 2. “How much do you charge?” Know precisely how much hiring an accountant will cost you on your first meeting. Include any fees to be paid for your accountant to budget your expenses properly. Keep in mind that not all accountants charge the same price. Some require a set fee, while some are charged per hour. 3. “How can you help me during tax season?” Educate the accountant of the current status of your business—where you’re at, what your available resources are, and what your plans are in reaching your long-term goals. Ask the accountant what he or she could contribute to the business, especially during the tax season. Your accountant should update you of new tax laws which you can maximize. 4. “What extent of changes should I inform you?” As much as you want your business to be planned out, there will be instances when you’re required to make quick decisions. Discuss things that your accountant should and shouldn’t know. For example, if you’re planning to expand your business to another location in the coming months, inform your accountant about this beforehand. If you think that your decision will involve business’ financial resources, the accountant should be informed about it. The earlier you inform him or her about it, the more time you both have to plan out for the possible consequences. 5. “How can you help me improve my business’ financial health?” Accountants can do more than just computing losses and doing your tax. Again, you’re paying for their service to make sure that you put all their skills to good use. As experts in financial situations, you can ask your accountant to create a financial plan for your business. Since accountants are professionals in the field, your plan will be more accurate and likely to be error-free. 6. “Am I making basic accounting mistakes?” It’s a right decision that you hired an accountant during the...